1279 お客様のコメント
質問 1：
In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?
A. Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
B. Effect of a failure to provide for uncollectible accounts in the previous period.
C. Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
D. Effect of a decrease in the estimated useful life of depreciable equipment.
正解：D
質問 2：
According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:
A. The needs of the users of the information.
B. Reporting on management's stewardship.
C. Generally accepted accounting principles.
D. The need for conservatism.
正解：A
質問 3：
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
A. By restating the financial statements of all prior periods presented.
B. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
C. As a correction of an error.
D. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
正解：D
質問 4：
According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:
A. Cost-benefit.
B. Reliability.
C. Representational faithfulness.
D. Consistency.
正解：A
質問 5：
Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?
A. $150,000
B. $122,000
C. $190,000
D. $178,000
正解：D
質問 6：
A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:
A. Include additional pension costs associated with the decision to dispose.
B. Include employee relocation costs associated with the decision to dispose.
C. Include operating losses of the current period up to the date the decision to dispose of the segment was made.
D. Exclude operating losses from the date the decision to dispose of the segment was made until the end of 1992.
正解：D
質問 7：
Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?
A. When Envoy receives an offer for the segment.
B. When Envoy first sells any of the assets of the segment.
C. When Envoy sells the majority of the assets of the segment.
D. When Envoy classifies it as held for sale.
正解：D
質問 8：
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)
A. Change in accounting estimate.
B. Neither an accounting change nor an accounting error.
C. Change in accounting principal.
D. Correction of an error in previously presented financial statements.
正解：C
In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?
A. Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
B. Effect of a failure to provide for uncollectible accounts in the previous period.
C. Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
D. Effect of a decrease in the estimated useful life of depreciable equipment.
正解：D
質問 2：
According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:
A. The needs of the users of the information.
B. Reporting on management's stewardship.
C. Generally accepted accounting principles.
D. The need for conservatism.
正解：A
質問 3：
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
A. By restating the financial statements of all prior periods presented.
B. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
C. As a correction of an error.
D. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
正解：D
質問 4：
According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:
A. Cost-benefit.
B. Reliability.
C. Representational faithfulness.
D. Consistency.
正解：A
質問 5：
Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?
A. $150,000
B. $122,000
C. $190,000
D. $178,000
正解：D
質問 6：
A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:
A. Include additional pension costs associated with the decision to dispose.
B. Include employee relocation costs associated with the decision to dispose.
C. Include operating losses of the current period up to the date the decision to dispose of the segment was made.
D. Exclude operating losses from the date the decision to dispose of the segment was made until the end of 1992.
正解：D
質問 7：
Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?
A. When Envoy receives an offer for the segment.
B. When Envoy first sells any of the assets of the segment.
C. When Envoy sells the majority of the assets of the segment.
D. When Envoy classifies it as held for sale.
正解：D
質問 8：
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)
A. Change in accounting estimate.
B. Neither an accounting change nor an accounting error.
C. Change in accounting principal.
D. Correction of an error in previously presented financial statements.
正解：C
Tanaka -
Financial-Accounting-Reporting問題集の内容の説明が簡潔明瞭な文章になっている。そこが気に入った。